If I file my federal return one day after the tax deadline, will I have to pay a tax deadline penalty or interest?
If you owe tax, you usually will. However, you won’t pay a late taxes penalty or interest if you’re:
- Receiving a refund
- Outside the country while serving in the military
- Living in a federally declared disaster area
If you have a balance due, the IRS can assess both of these:
- Late-filing penalty — 5% of the balance due per month up to 25%
- Late-payment penalty — 0.05% (or part of a month), up to 25% of the tax due
The IRS charges interest on unpaid tax from the return’s due date until the date of payment.
Learn more about IRS Letter 5042 and how to handle an inquiry of your business' income with help from the tax experts at H&R Block.
Your refund was placed on hold, but is now being processed. Learn more about IRS letter 707C from the tax experts at H&R Block.
There's a new IRS process for those who have an expired ITIN. Here is some information from H&R Block that you need to know before renewing your ITIN.